our infrastructure and preparing for the move to the cloud on the midmarket, we spent quite a bit more in the RDO area and infrastructure. And if you aggregate our depreciation and amortization of the software,

our infrastructure and preparing for the move to the cloud on the mid-market we spent quite a bit more in the rdo area and infrastructure and if you aggregate our depreciation the amortization of the software


a good portion of it happens to be new work, and it's interestingly spread across all of our businesses. It's not predominantly in any one area or any one segment.

a good portion of it happens to be new work and it's interestingly spread across all of our businesses it's not predominantly in any one area or any one segment


Their client base includes government, nongovernment and private organizations who are trying to make informed decisions about patients' needs. This acquisition has been integrated into our Human Services Segment.

their client base includes government nongovernment and private organizations who are trying to make informed decisions about patients' needs this acquisition has been integrated into our human services segment


It appears that Southwest border apprehensions have returned to levels that are in line with historic trends, following the unprecedented reduction in activity across the border that we saw in the spring of this year.

it appears that southwest border apprehensions have returned to levels that are in line with historic trends following the unprecedented reduction in activity across the border that we saw in the spring of this year


It's everything you said. It's a combination of all of that. Remember, we've taken a pivot now. We have a base subscription business. And we've moved over to this AVOD concept. So you're looking at

it's everything you said it's a combination of all of that remember we've taken a pivot now we have a base subscription business and we've moved over to this avod concept so you're looking at


that's it. We have a tight marketing team, and outside of commercial we just have a very light MSL team consisting of one with a couple of consultants. So we continue to remain very tight

that's it we got a tight marketing team and outside of commercial we just have a very light msl team consisting of one with a couple of consultants so we continue to remain very tight


But once it's in operation, we can run at 50% by campaign and it's quite manageable. So that's the first thing. There are 3 large contracts that will be coming in the next years, but they don't come -- one of them is

but we -- once it's in operation we can run at 50% by campaign and it's quite manageable so that's the first thing there are 3 large contracts that will be coming in the next years but they don't come -- one of them is


Well, it depends. I mean it starts with -- and we'll just -- we'll have our strategic retreat with our board here coming up in September. And we do this in every meeting, but we really do it in depth in September,

well it depends i mean it starts with -- and we'll just -- we'll have our strategic retreat with our board here coming up in september and we do this in every meeting but we really do it in depth in september


and we're very confident about our position with our customers from both a pricing and a volume standpoint as we look at the next several years going forward.


What is also important is that our integrated Life Sciences, Clinical Labs model has enabled us to produce assays at a very favorable cost, especially as related to current and projected reimbursement levels.

what is also important is that our integrated life science clinical lab model has enabled us to produce assays at a very favorable cost especially as related to current and projected reimbursement levels


capability, and so we want to be clear with our shareholders that we will be prudent as we continue to leverage this asset to make sure that it's giving us a good return. So that's the context in which you might have heard us

capability and so we want to be clear with our shareholders that we will be prudent as we continue to leverage this asset to make sure that it's giving us a good return so that's the context in which you might have heard us


a little faster. That would have helped us to be able to have the fuel to invest in our growth a little bit sooner. But I actually think that one of the things that I'm most proud of

a little faster that would have helped us to be able to have the fuel to invest in our growth a little bit sooner but i actually think that one of the things that i'm most proud of


and -- or how much of it is just spending more behind your existing products to support the price increases or just stay in front of consumers in a weak environment? Just trying to understand at what point do we start to see some lift

or how much of it is just spending more behind your existing products to support the price increases or to stay in front of consumers in a weak environment just trying to understand at what point do we start to see some lift


We have seen some disruptions in the swap curve relative to the treasury curve. And the rate hike in December did have a part to play in that and it did increase some of the volatility there. It has

we have seen some disruptions in the swap curve relative to the treasury curve and the rate hike in december did have a part to play in that and it did increase some of the volatility there it has


I'm not allowed to speak about their programs. And second, I think it would be really a pity to start to disclose the results before like the physicians have the occasion to present the data

i'm not allowed to speak about the programs and second i think it would be really pity to start to disclose the results before like the physicians have the occasion to present these data


So clearly it's something we're looking at now, David. But there's just a lot of other variables that we're trying to balance here to maintain our financial strength.

so clearly it's something we're looking at now david but there's just a lot of other variables that we're trying to balance here to maintain our financial strength


We've also renewed our long-time partnership for rugs with Safavieh. We plan on launching this carefully curated mix of home decor categories at market in the spring.

we've also renewed our long time partnership for rugs with safavia we plan on launching this carefully curated mix of home decor categories at market in the spring


Rather than driving around with the infotainment system installed in a vehicle, the engineering team used NI products to produce and measure signals in a lab to quickly test a wide range of scenarios.

rather than driving around with the infotainment system installed in a vehicle the engineering team used ni products to produce and measure signals in a lab to quickly test a wide range of scenarios


However, as the clear market leader, we believe we had a notable influence on the end-user demand for these products in 2015 as we continued to make investments in our innovative sales and targeted marketing programs to increase the awareness of the category.

however as the clear market leader we believe we had a notable influence on the end-user demand for these products in 2015 as we continued to make investments in our innovative sales and targeted marketing programs to increase the awareness of the category


So the volume was a bit faulty when you were asking the question. But if I understood your question correctly, you were asking if we had looked at our original budgets at the beginning of the year

so the volume was a bit faulty when you were asking the question but if i understood your question correctly you were asking if we looked at our original budgets at the beginning of the year


not perhaps an indicator that your origination is too selective, and probably too conservative? And had you known it was going to land up as low as it has been, that you would have opened the credit taps a little bit more than you have?

not perhaps an indicator that your origination is too selective and probably too conservative and had you known it was going to land up as low as it has been that you would have opened the credit taps a little bit more than you have


No. So these re-leasing spreads are just for our space leases. We did coincidently have a ground lease but renewed at a very favorable spread but that was not included in these numbers that I cited. So

no so these re-leasing spreads are just for our space leases we did coincidentally have a ground lease that renewed at a very favorable spread but that was not included in these numbers that i cited so


The diversity of our business is allowing us to maintain our guidance ranges while absorbing a number of headwinds as we enter 2019. While the lack of eBay growth remains a challenge

the diversity of our business is allowing us to maintain our guidance ranges while absorbing a number of headwinds as we enter 2019 while the lack of ebay growth remains a challenge


that. And the improvement embedded for the second half of the year in Tech Brands reflects an improving mix of those ancillary services or a combination of that and also the iPhone? Or how should we be thinking about that improvement?

and the improvement embedded for the second half of the year in tech brands reflects an improving mix of those ancillary services a combination of that and also the iphone or how should we be thinking about that improvement


additional value. What we like there the most is the relationship that we form with the large corporate and the opportunity to get onto the campus and speak to employees about how we can help them with their financial needs,

additional value what we like there the most is the relationship that we form with the large corporate and the opportunity to get onto the campus and speak to employees about how we can help them with their financial needs


And so a lot of times, when stock plan participants had vested equity at the old stock plan provider, that's in their brokerage account at that stock plan provider. And those were held on to buy that broker.

and so a lot of times when stock plan participants had vested equity at the old stock plan provider that's in their brokerage account at that stock plan provider and those were held onto by that broker


Without that increase, earnings would have been significantly up, showing the benefits of those initiatives are coming true in the underlying results on this operation.

without that increase earnings would have been significantly up showing the benefits of those initiatives are coming true in the underlying results on this operation


The consumer in Las Vegas continues to show signs of improvement, contributing to our growth in revenues, and our operations team continue to execute effectively, managing our operations to produce strong flow through.

the consumer in las vegas continues to show signs of improvement contributing to our growth in revenues and our operations team continue to execute effectively managing operations to produce strong flow-through


Bookings for power generation equipment remained at low levels and backlog declined sequentially from Q2. As power generation markets remain weak, we are intensely focused on reducing costs and risk in this business.

bookings for power generation equipment remained at low levels and backlog declined sequentially from q2 as power generation markets remain weak we are intensely focused on reducing cost and risk in this business


So in short, as shareholders, we would find it unacceptable for an acquisition of Hershey by Mondelez to delay or derail the productivity and cost savings transformation that's underway at the company.

so in short as shareholders we would find it unacceptable for an acquisition of hershey by mondelez to delay or derail the productivity and cost savings transformation that's underway at the company


And we still have room to drive further trial and distribution for both Regal Apple and Vanilla, and further expand our liquid credentials through the first release of the Blenders series

and we still have room to drive further trial and distribution for both regal apple and vanilla and further expand our liquid credentials through the first release of the blender series


We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release.

we remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results these forward-looking statements are made subject to the safe harbor statement included in today's earnings release


which continues to improve and is significantly improved from the 81% for the same quarter last year. We continue to see improvements in our operating leverage and the absorption of our fixed costs on higher levels of product sales.

which continues to improve and has significantly improved from the 81% for the same quarter last year we continue to see improvements in our operating leverage and the absorption of our fixed costs on higher levels of product sales


it will get people more used to using data also in their home location, and that increases the opportunity for us to do up tearing and to migrate people

it will get people more used to using data also when they're in their home location and that increases the opportunity for us to do up-tearing and to migrate people


But just as we believe key LatAm economies are showing signs of bottoming out, we also believe that our internal derisking efforts have neared their end, leaving us well positioned for growth going forward.

but just as we believe key latam economies are showing signs of bottoming out we also believe that our internal derisking efforts have near their end leaving us well positioned for growth going forward


Okay. So in other words, this is essentially just a more normal price -- or it's a more normal situation versus the benefit that

okay so in other words this is essentially just a more normal price -- or it's a more normal situation versus the benefit that


A large percentage of our ground students only attend class between the end of August and the end of April. However, a large percentage of the ground traditional campus costs are fixed and these costs continue to grow due to our anticipated growth.

a large percentage of our ground students only attend class between the end of august and the end of april however a large percentage of the ground traditional campus costs are fixed and these costs continue to grow due to our anticipated growth


We believe we can continue to enhance the clinical collaboration between our 2 segments, thereby continuing to increase the number of patients cared for by Encompass agencies over time.

we believe we can continue to enhance the clinical collaboration between our 2 segments thereby continuing to increase the number of patients cared for by encompass agencies over time


Where you expect those to go? And in particular, I understand the content drivers on both. But how do you see the competitive environment in each, especially in an environment, looking at GM's slides, where

where you expect those to go and in particular i understand the content drivers on both but how do you see the competitive environment in each especially in an environment looking at gm's slides where


Batteries are generally sized for 2 to 4 hour discharges, not usually 8 hours. And once discharged, they typically have to be recharged for an equivalent period of time before they can be used again for a similar level of discharge.

batteries are generally sized for 2- to 4-hour discharges not usually 8 hours and once discharged they typically have to be recharged for an equivalent period of time before they can be used again for a similar level of discharge


how much of the margin improvement is from continued pricing versus from buying better from this kind of favorable commodity market versus just pure operational improvements?


Substantial progress was also made on a range of commercial agreements required for these projects. And again, everything appears to be coming together reasonably well, albeit, as I say, hard work.

substantial progress was also made on a range of commercial agreements required for these projects and again everything appears to be coming together reasonably well albeit as i say hard work


one of the first things we did when we closed the deal is we killed a lot of these deep-discount, highly inefficient promotion deals, it reminded me greatly of some of the bad habits we had to break at Conagra when I first got here.

one of the first things we did when we closed the deal is we killed a lot of these deep discount highly inefficient promotion deals it reminded me greatly of some of the bad habits we had to break at conagra when i first got here


We have our base adjusted net income. 50% of the growth is coming from secured CapEx Networks investments. So these are the ones that have already been approved by regulators.

we have our base adjusted net income 50% of the growth is coming from secured capex networks investments so these are the ones that have already been approved by regulators


State Street's conference call is copyrighted, and all rights are reserved. This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation.

state street's conference call is copyrighted and all rights are reserved this call may not be recorded for rebroadcast or distribution in whole or in part without the express written authorization from state street corporation


However, excluding the impact of FX and the Morpheus discontinuance, underlying net sales were down 1%. We will fully anniversary both of these headwinds about halfway through our third fiscal quarter.

however excluding the impact of fx and the morpheus discontinuance underlying net sales were down 1% we will fully anniversary both of these headwinds about halfway through our third fiscal quarter


and that had to do with the competitive environment. And as we had indicated last year during our call, as we were addressing this with the retailers, that it wasn't something that we're going to be able to put in place

and that had to do with the competitive environment and as we had indicated last year during our call as we were addressing this with the retailers it wasn't something that we're going to be able to put in place


like fittings and then conductors, and finding a way of replacing the conductors and realizing the towers and the fittings to give that line the same life extension you would've had through an entire replacement

like fittings and then conductors and finding a way of replacing the conductors and relinking the towers and the fittings to give that line the same life extension it would have had through an entire replacement


Also, we will refer today to differ certain non-GAAP financial measures. Further information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in the earnings release and supplemental disclosure

also we will refer today to certain non-gaap financial measures further information regarding our use of these measures and reconciliations of these measures to our gaap results are available in the earnings release and supplemental disclosure


we have focused on helping our customers digitize the vehicle and also on providing solutions for increased vehicle user interface and data management. Stoneridge is a market leader in commercial vehicle, instrument clusters and telematics units,

we have focused on helping our customers digitize the vehicle and also on providing solutions for increased vehicle user interface and data management stoneridge is a market leader in commercial vehicle instrument clusters and telematics units


obviously, exchange coming out as we had productivity initiatives that have allowed us to handle that extraordinarily well. I don't expect that those kind of efforts are going to slow down in any material way,

obviously exchange coming at us we had productivity initiatives that have allowed us to handle that extraordinarily well i don't expect that those kinds of efforts are going to slow down in any material way


interactions are dissatisfiers for the client and also increase costs for us. And so I think we've made progress in the last couple of years in reducing what we refer to as our non-value contacts. So that's a source of

interactions are dissatisfiers for the client and also increased cost for us and so i think we've made progress in the last couple of years in reducing what we refer to as our non-value contacts so that's a source of


in addition to our ongoing efforts thus far in 2017 to strategically invest in capacity, talent engagement and retention and certain overhead to support the growing demand and expectations in all 3 primary markets we serve.

in addition to our ongoing efforts thus far in 2017 to strategically invest in capacity talent engagement and retention and certain overhead to support the growing demand and expectations in all 3 primary markets we serve


It's really a delicate situation. It's hard for us because we don't control it. We have been very open about this. We run the economics on newbuild and we just don't see it on the thermal side in the forwards right now.

it's really a delicate situation it's hard for us because we don't control it we have been very open about this we run the economics on newbuild and we just don't see it on the thermal side in the forwards right now


As we continue to finalize purchase accounting and evaluate the Asset Closure obligations of the legacy Dynegy fleet, we expect the forecast for this segment could continue to shift in future quarters.

as we continue to finalize purchase accounting and evaluate the asset closure obligations of the legacy dynegy fleet we expect the forecast for this segment could continue to shift in future quarters


Revenue growth in the segment is attributable primarily to pricing increases for both hot mix asphalt and aggregates. In aggregates, which on a dollar basis comprised our single largest product in this segment,

revenue growth in the segment is attributable primarily to pricing increases for both hot mix asphalt and aggregates in aggregates which on a dollar basis comprises our single largest product in this segment


and that is also firming up differential prices. So this is a fairly untenable situation where you have an inverse market, where you have tightening differentials but you have terminal prices coming down.

and that is also firming up differential prices so this is a fairly untenable situation where you have an inverse market where you have tightening differentials but you have terminal prices coming down


As Blake will discuss, we also identified and began to realize additional cost efficiencies resulting from the merger, with the integration activities now substantially completed.

as blake will discuss we also identified and began to realize additional cost efficiencies resulting from the merger with integration activities now substantially completed


And turning to Page 5. We have isolated sources of volatility in our earnings. In the highlighted section at the bottom of the page, you can see that excluding these items, underlying operating performance has improved over the past year.

turning to page 5 we have isolated sources of volatility in our earnings in the highlighted section at the bottom of the page you can see that excluding these items underlying operating performance has improved over the past year


Our design is focused on not just making things simple, but a more engaging experience. Unlike many of the big competitors, we can offer all of these products through one app. No need to have multiple apps on your phone or log in to multiple accounts.

our design is focused on not just making things simple but a more engaging experience and like many of the big competitors we can offer all of these products through one app no need to have multiple apps on your phone or log into multiple accounts


As referenced in our previous earnings calls, we've filed a complaint challenging the legality of the rate action on the grounds that it was issued in violation of statutory procedure and was arbitrary and unreasonable.

as referenced in our previous earnings calls we filed a complaint challenging the legality of the rate action on the grounds that it was issued in violation of statutory procedure and was arbitrary and unreasonable


Ignite 2 is a huge program of work, and I realize I'm asking a lot of my team to do this on top of their job. But in a funny sort of way, I feel it's energized the business and it's given people a vision and a purpose.

ignite 2 is a huge program of work and i realize i'm asking a lot of my team to do this on top of day job but in a funny sort of way i feel it's energized the business and it's given people a vision and a purpose


This quarter, some of our increased costs reflected in our investments to build our next generation retail banking platform and become a more product-centric company that is a user experience leader in digital banking.

this quarter some of our increased costs reflected in our investment to build our next-generation retail banking platform and become a more product-centric company that is a user experience leader in digital banking


We have been challenged by balancing our fixed ultra-quality capacity with growth in our existing customer base and the addition of new customers. So we are glad our new ultra capacity in Shelby will come online shortly.

we have been challenged by balancing our fixed alter quality capacity with growth in our existing customer base and the addition of new customers so we are glad our new alter capacity in shelby will come online shortly


Our plans include steps to effectively integrate our acquisitions, to drive facility consolidations, productivity solutions and other initiatives that will drive efficiencies across all our operations.

our plans include steps to effectively integrate our acquisitions to drive facility consolidation productivity solutions and other initiatives that will drive efficiencies across all our operations


I know you've still get 2 other JV partners on that. Is there a chance that this ends up as a wholly owned asset? Is that something that's kind of on the radar as low hanging fruit or is money better spent elsewhere right now?

i know you've still got 2 other jv partners on that is there a chance that this ends up as a wholly owned asset is that something that's kind of on the radar as low-hanging fruit or does money better spend elsewhere right now


and the power brands are doing even better. So our portfolio feels very robust. And for those of you who were with us in Washington last year or followed it, that's really what drives behind our Market Maker strategy, which is to build positions

and the power brands are doing even better so our portfolio feels very robust and for those of you who were with us in washington last year who followed it that's really what drives behind our market maker strategy which is to build positions


We have the most experienced and highest quality sales team I've ever had the privilege of working with and we have high confidence in their ability to grow and gain market share going forward.

we have the most experienced and highest quality sales team i've ever had the privilege of working with and we have high confidence in their ability to grow and gain market share going forward


In addition, we are seeing significant consolidation opportunities that we believe could be accretive and strategic for our unitholders. It's for these reasons that we're firmly committed to executing on the need for scale

in addition we're seeing significant consolidation opportunities that we believe could be accretive and strategic for our unitholders it's for these reasons that we're firmly committed to executing on the need for scale


because the investment business is really rooted in great culture. And I think our culture is one of our greatest assets. And if we're going to make an acquisition, we have to have a lot of conviction that it's a good cultural fit.

because the investment business is really rooted in great culture and i think our culture is one of our greatest assets and if we're going to make an acquisition we have to have a lot of conviction that it's a good cultural fit


And we feel good about the people operating it. We feel good about where they're going. But we are helping to work with them to build out the infrastructure, make sure that they have the latest visibility, looking at manpower and

and we feel good about the people operating it we feel good about where they're going but we are helping to work with them to build up the infrastructure make sure that they have the latest visibility looking at manpower and


so they often engage in price wars, which hurt brands very much. Take the noodle story campaign for example.

so they often engage in price wars which hurt brands very much take the noodle story campaign for example


After transitioning several distributors in Central Eastern Europe and one in Panama to subsidiaries, we began shipments in the second half of 2015 into these 2 regions that cover many countries,

after transitioning several distributors in central eastern europe and one in panama to subsidiaries we began shipments in the second half of 2015 into these 2 regions that cover many countries


We, in developing the pancreatic cancer indication, have had several interactions with expert advisers. And although they are very impressed

we in developing the pancreatic cancer indication have had several interactions with expert advisers and although they are very impressed


And there, we don't see that they are really getting into the end market of fiber to the home. They end up with the larger operators and try to sell cable, but are not in the overall structures of integrated solutions.

and there we don't see that they are really getting into the end market of fiber to the home they end up with the large operators and trying to sell cable but they're not in the overall structures of integrated solutions


And we made excellent progress on our development portfolio, materially reducing construction, leasing and funding risk going forward.

and we made excellent progress on our development portfolio materially reducing construction leasing and funding risk going forward


The other partner announced was Transpower, who is assisting Meritor and their customers in the system integration and electrification application of the vehicle, which is another important step

the other partner announced was transpower who is assisting meritor and their customers in the system integration and electrification application of the vehicle which is another important step


have a good result in the last quarter, so there is a concern all over the world because online operations have to post profits now. And to that end, they have to play the rules of the game, which is selling at the right price.

have a good result in the last quarter so there is that concern all over the world because online operations have to post profits now and to get them they have to play the rules of the game which is selling at the right price


as the impact increases, can you give us an update on what you're seeing on a regional basis, and to what extent the subs are cord-nevers or subscribe to linear as well rather than trading down to the larger bundle? And then separately,

as the impact increases can you give us an update on what you're seeing on a regional basis and to what extent the subs are cord-nevers or subscribed to linear as well rather than trading down to the larger bundle and then separately


This was a challenging year in many respects. However, I'm pleased to see that investment performance broadly improved over the course of the year and that we made significant progress on our most important strategic initiatives.

this was a challenging year in many respects however i'm pleased to see that investment performance broadly improved over the course of the year and that we made significant progress on our most important strategic initiatives


increases there, the supply chain is longer, and some of the terms on the receivable side tend to be a little bit longer, so that also impacted the working capital

increases there the supply chain is longer and some of the terms on the receivable side tend to be a little bit longer so that also impacted the working capital


our point of view is that the combination of financial pressures that our customers are facing, combined with the increasing complexity in the operational environment,

our point of view is that the combination of financial pressures that our customers are facing combined with the increasing complexity in the operational environment


so we have available capacity to meet the growth requirements of our existing customers as well as to accommodate new customers who can contribute to and draw value from our communities.


Our in Jelly products, the first jelly drinks to use spout packaging, continue to sell well, but other makers are introducing a diverse range of competing products.

our in-jelly products the first jelly drinks to use spout packaging continued to sell well but other makers are introducing a diverse range of competing products


improved credit quality, larger transaction sizes and a more efficient use of capital. Taken together, these changes will result in a substantial increase in return on equity, which is our primary focus.

improved credit quality larger transaction sizes and a more efficient use of capital taken together these changes will result in a substantial increase in return on equity which is our primary focus


with the physical bookstores. They continue to be a growing market and a key element of our competitive strategy to compete with other virtual and digital solutions in the market.

with the physical bookstores they continue to be a growing market and a key element of our competitive strategy to compete with other virtual and digital solutions in the market


But this order is a positive first step for the company and its customers. And it is one of the first utility outcomes nationally in which a commission has established new classes for customers with on-site generation.

but this order is a positive first step for the company and its customers and it is one of the first utility outcomes nationally in which a commission has established new classes for customers with on-site generation


A key takeaway was our ability to continue to enhance our digital footprint with the goal of improving access for our customers with special emphasis on an enriched mobile format experience.

a key takeaway was our ability to continue to enhance our digital footprint with the goal of improving access for our customers with special emphasis on an enriched mobile format experience


in mobile banking is also supporting the telco activities in terms of acquisition of new customers, in terms of retention. And so it's a global project. It's not only by chance

in mobile banking is also supporting of telco activities in terms of acquisition of new customers in terms of retention and so it's a global project it's not only by chance


These factors contributed to improved price realization across our 3 product segments. The recently passed tax reform package is likely to boost investment and consumer spending in the near term.

these factors contributed to improved price realization across our 3 product segments the recently passed tax reform package is likely to boost investment and consumer spending in the near term


I think what I'm trying to understand is how much of the pattern we observe on a quarterly basis is abnormal versus what you would think is normal because it looks like you're generating much of that target

i think what i'm trying to understand is how much of the pattern we observe on a quarterly basis is abnormal versus what you would think is normal because it looks like you're generating much of that target


Cost of sales were further impacted by higher promotional discounting compared to the prior year period and by negative sales mix changes due to higher cost on certain new or limited-time premium sandwiches.

cost of sales were further impacted by higher promotional discounting compared to the prior year period and by negative sales mix changes due to higher cost on certain new or limited time premium sandwiches


the performance was increasingly getting better and better. And we started to put together an opportunity list of things that we were seeing that would improve the economics considerably, but it would take some time to

so performance was increasingly getting better and better and we started to put together an opportunity list of things we were seeing that would improve the economics considerably but it would take some time to


Yes. And just some comments about kind of why now. I think your question was probably more from the Ahlstrom perspective on why now than from our perspective. And I think if you look at what Ahlstrom had to say, I think they're refocusing their business

yes and then just some comments about kind of why now i think your question was probably more from the alstom perspective on why now than from our perspective and i think if you look at what alstom's had to say i think they're refocusing their business


You'll note that we're absorbing the dilution from the 2 divestitures, but we're also adjusting our outlook for interest expense for the year, and the 2 items roughly offset one another.

you'll note that we're absorbing the dilution from the 2 divestitures but we're also adjusting our outlook for interest expense for the year and the 2 items roughly offset one another


which in snacks is a fairly small piece of the business, but it's also natural food stores and other places where the consumer is shopping. And once again, it's one of the reasons we have chosen to focus our efforts so much

which in snacks is a fairly small piece of the business but it's also natural food stores and other places where the consumer is shopping and once again it's one of the reasons we have chosen to focus our efforts so much


as I stated, we feel comfortable in every area, except for crude differentials. And I guess a way to look at your own sensitivity on that is we run about 300 million barrels of crude a year. And if our index is,

as i stated we feel comfortable in every area except for crude differentials and i guess a way to look at your own sensitivity on that is we run about 300 million barrels of crude a year and if our index is


Subsequent events and developments, including actual events or changes in our assumptions, may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law.

subsequent events and developments including actual events or changes in our assumptions may cause our views to change while we may elect to update these forward-looking statements at some point in the future we have no current intention of doing so except to the extent required by applicable law


Turning to our results for fourth quarter and full year 2015. We realized strong growth in our outstanding business volume and in our dollars of net effective spread, and our credit quality continues at favorable levels.

turning to our results for fourth quarter and full year 2015 we realized strong growth in our outstanding business volume and in our dollars of net effective spread and our credit quality continues at favorable levels


Notably, we continue to evaluate enhancements to our risk management approach to optimize the balance between earnings, liquidity, capital flexibility and volatility. And to a lesser extent,

notably we continue to evaluate enhancements to our risk management approach to optimize the balance between earnings liquidity capital flexibility and volatility and to a lesser extent


Our biogas and Beer Membrane Filtration businesses remain strong, offsetting partially -- offset partially by our beverage business seeing a number a large project delays globally and softer component sell-through.

our biogas and beer membrane filtration businesses remain strong offsetting partially -- offset partially by our beverage business seeing a number of large project delays globally and softer component sell-through


spending -- how we should think about the spending rate throughout the year? And then with regards to getting rights back to Probuphine, what's the next event there to focus on? Is

spending and how we should think about the spending rate throughout the year and then with regards to getting rights back to probuphine what's the next event there to focus on


and therefore develop solutions for those segments. If you remember back on the early days of the Common Core curriculum and CDW being kind of first to market with a prepackaged solution

and therefore develop solutions for those segments if you remember back on the early days of the common core curriculum and cdw being kind of first to market with a prepackaged solution


So to say it differently, the LTS transaction was funding the purchase of RDM, which just happened to be that it did not coincide with the formal closing of the purchase of RDM and the formal closing of the purchase of the -- of the completion of the LTS deal.

so to say it differently the altius transaction was funding the purchase of rdm which has happened to be that it did not coincide with the formal closing of the purchase of rdm and the formal closing of the purchase of the -- of the completion of the altius deal


the valuations in the retailer space, and we want to make sure that we've had adequate time to understand what's the right amount to be paying as we have acquisition opportunities.

the valuations in the retailer space and we want to make sure that we've had adequate time to understand what's the right amount to be paying as we have acquisition opportunities


And while we have never reported out on our guest counts, we are proud to report that in Q4 our guest count traffic was positive 2.5%, and for the fiscal year,

and while we have never reported out on our guest counts we are proud to report that in q4 our guest count traffic was positive 2 5% and for the fiscal year


In addition, we provide services to international investment market clients to allow them to comply with applicable SEC regulations. And we also provide Language Solutions to international clients.

in addition we provide services to international investment market clients to allow them to comply with applicable sec regulations and we also provide language solutions to international clients


This is the result of the hard work and commitment of our people and their continued focus on executing our strategic Five-Point Plan.

this is the result of the hard work and commitment of our people and their continued focus on executing our strategic 5-point plan


the design and civil engineering part of the field. And we also have made a lot of innovation both in artificial turf and running tracks that allow us to win some very sizable projects.

the design and civil engineering part of the field and we also have made a lot of innovation both in artificial turf and running tracks that allow us to win some very sizable projects


But then secondly, as you on-board the customer, it takes time to ramp it up to get to the margin levels you need. Generally, it's 90 days. 90 days after start-up, you should start to see the margin levels that you expected.

but then secondly as you onboard the customer it takes time to ramp it up to get to the margin levels you need generally it's 90 days 90 days after startup you should start to see the margin levels that you expected


We are excited about Energy Services' diversification strategy to drive our services deeper into the oil and gas processing, chemical manufacturing and metals market sector.

we are excited about energy services diversification strategy to drive our services deeper into the oil and gas processing chemical manufacture -- chemical manufacturing and metals market sector


And so the question is, how much worse would that be if you didn't have an independent PBM? And I think what actually -- our mission is not to be constrained by any other

and so the question is how much worse would that be if you didn't have an independent pbm and i think what actually -- our mission is not to be constrained by any other


report a quarter 4 but we probably should have because it was such a big adjustment from a year ago. So I apologize for that. So we want to clear that out today about what happened.

report a quarter 4 but probably should have because it was such a big adjustment a year ago so i apologize for that so we want to clear that up today about what happened


given the high operating cash flow, the high net cash we have and the low net debt we have allows us to announce a buyback program.

given the high operating cash flow the high net cash we have and the low net debt we have allows us to announce a buyback program


work on their matrix management structure and the like. Is that still in front of you? Is that embedded in the guide? Or is that something that, I don't know, maybe gets capitalized in acquisition accounting or something? No,

work on their matrix management structure and the like is that still in front of you is that embedded in the guide or is that something that i don't know maybe it gets capitalized in acquisition accounting or something


We believe there's a tremendous value on our assets and in the Delaware basin and we're very excited about this opportunity that we have to create value for our shareholders. Thank you, and goodbye.

we believe there's a tremendous value on our assets and in the delaware basin and we are very excited about this opportunity that we have to create value for our shareholders thank you and goodbye


a charge or an impairment or something, and I couldn't tell. Was that referring to a year ago or was that this quarter? And if it was this quarter, kind of can you give us some clarity or color on what that was all about?

a charge for a impairment or something and i couldn't tell was that referring to a year ago or was that this quarter and if it was this quarter kind of can you give us some clarity or color of what that was all about


currently. So what we're saying is that we're in a growth mode. I think Rich talked about all the -- in terms of the market, what the demand profile looks like, still very strong. And as you can see, we're investing in that growth

currently so what we're saying is that we're in a growth mode i think rich talked about all the -- in terms of the market what the demand profile looks like still very strong and as you can see we're investing in that growth


So we've always had the capability, that would be a phase 3, to be able to loop that line down the road if there were interest in bringing additional barrels to Cushing. So as we think forward, we're always looking at how we can further debottleneck our system.

so we've always had the capability that would be a phase 3 to be able to loop that line down the road if there were interest in bringing additional barrels to cushing so as we think forward we're always looking at how we can further debottleneck our system


We identified the prior period development through a deep analysis of our entire book of reserves. After all the work we've done for year-end, we're confident in the reserves in this segment as well as our reserves on a consolidated basis.

we identified the prior period development through a deep analysis of our entire book of reserves after all the work we've done for year-end we're confident in the reserves in this segment as well as our reserves on a consolidated basis


Everything else being equal, that can create some significant rate pressures for consumers. So we have to be as absolutely efficient as we possibly can to offset those rate implications for our customers.

everything else being equal that can create some significant rate pressures for consumers so we have to be as absolutely efficient as we possibly can to offset those rate implications for our customers


and they value it. And so we found that typically that gives us an advantage in some of the deals that we do. And there are others, where simply people are insisting on either terms or processes that don't work for us,

and they value it and so we found that typically that gives us an advantage in some of the deals that we do and there are others where simply people are insisting on either terms or processes that don't work for us


this investment was augmented by a few other things. We did a portfolio rationalization going through all the different activities in our portfolio. And either stopped investing in some

and this investment was augmented by a few other things we did portfolio rationalization going through all the different activities in our portfolio and either stopped investing in some


what I think you should take away is that the big players in Brazil are acting as you would expect them to in a market contraction. They're reducing capacity and taking prudent steps. So it's a big change versus times past.

what i think you should take away is that the big players in brazil are acting as you would expect them to in a market contraction they're reducing capacity and taking prudent steps so it's a big change versus times past


We also intend to gain visibility in the customer premises equipment and transform our current capabilities of maintenance, installation to a home adviser force.

we also intend to gain visibility in the customer premises equipment and transform our current capabilities of maintenance installation to a home advisor force


but having done -- we've obviously had to consider Brexit for quite a while, and we've run the book through different scenarios. Most of the scenarios mean that we might earn a little bit less money.

but having done -- we've obviously had to consider brexit for quite a while and we've run the book through different scenarios most those scenarios mean that we might earn a little bit less money


And second is would you -- are you already starting to see some of the benefits from the sales force effectiveness? And again, if so -- if that's happening, and you're seeing some benefit,

and second is would you -- are you already starting to see some of the benefits from the sales force effectiveness and again if so if that's happening and you're seeing some benefit


I'd like to thank, in particular, our stockholders for your continued interest and support and our team here at Corium for their hard work and innovation. We look forward to speaking with you again soon and reporting on our progress.

i'd like to thank in particular our stockholders for your continued interest and support and our team here at corium for their hard work and innovation we look forward to speaking with you again soon and reporting on our progress


Right. That is difficult to measure because you don't get data from patients and not from their caregivers either on this dosage. But when we did talk to caregivers,

right that is difficult to measure because you don't get data from patients and not from their caregivers either on this dosage but when we did talk to caregivers


A moment on AIS which has generally performed in line with expectations over the course of the past 3 quarters since our acquisition of this OEM fastener business.

a moment on ais which has generally performed in line with expectations over the course of the past 3 quarters since our acquisition of this oem fastener business


This approach has paid dividends many times over as lawmakers understand that they can speak directly with their local constituents by talking with our reporters right there in Washington, D.C.

this approach has paid dividends many times over as lawmakers understand that they can speak directly with their local constituents by talking with our reporters right there in washington d c


providers that are coming up that we could see kind of a pattern to what we saw this year or some -- as you just said, some of those might get extended past January 1 and retroactive, so it might not be even keel once we start the year?

providers that are coming up that we could see kind of a pattern to what we saw this year where some of -- as you just said some of those might get extended past january 1 and retroactive so it might not be even keel once we start the year


I'm pleased to say there have been no surprises. This reaffirms our internal assessments. Now I will turn the call over to Mark to discuss the financial results for the first quarter. Thanks, John, and good morning to everyone.

i'm pleased to say there have been no surprises this reaffirms our internal assessments now i will turn the call over to mark to discuss the financial results for the first quarter thanks john and good morning to everyone


about where the company is headed on that. We also feel pretty good about where prices are shaping up for the second half. As we said, we expect second half pricing -- post-season pricing to be higher than it was

about where the company is headed on that we also feel pretty good about where prices are shaping up for the second half as we said we expect second half pricing postseason pricing to be higher than it was


As we've been discussing, 2016 was a year of building a new organization, a new way to address our clients' needs and developing strong focus on financial management.

as we've been discussing 2016 was a year of building a new organization a new way to address our clients' needs and developing strong focus on financial management


In addition to the strong performance of our same-store portfolio, we continue to see consistent growth trends at the properties that we purchased at Certificate of Occupancy are very early in the lease-up stage.

in addition to the strong performance of our same-store portfolio we continue to see consistent growth trends at the properties that we purchased at certificate of occupancy are very early in the lease-up stage


We intend to remain very disciplined in our approach to determine a strategic fit and valuation. We focus, for example, on how targets would expand or complement our current product portfolio,

we intend to remain a very disciplined in our approach to determine a strategic fit and valuation we focus for example on how targets would expand or complement our current product portfolio


There are a number of other companies as our presence grows in greater China that we can work with. You mentioned a few, some are captive silicon makers for the Chinese

there are a number of other companies as our presence grows in greater china that we can work with you mentioned a few some are captive silicon makers for the chinese


So you can think of it, and you've heard us talk a lot about the K-12 market over the years, where we traditionally had fundraising and financials and digital marketing and payments and analytics, and we added

so you can think of it and you've heard us talk a lot about the k-12 market over the years where we've traditionally had fundraising and financials and digital marketing and payments and analytics and we added


But also, I think it's also a function of, when we look at the activity more in the Industrial or the performance segment for us, there's still a lot of consolidation to go around globally.

but also i think just it's also a function of when we look at the activity more in the industrial or the performance segment for us there's still a lot of consolidation to go around globally


our recurring revenue businesses are more resilient and more insulated from immediate economic impacts. And so you'd have to have deep and long recessions

our recurring revenue businesses are more resilient and more insulated from immediate economic impacts and so you'd have to have deep and long recession


Scaling these into high-volume production brings its own set of challenges, very different than most other parts of the semiconductor industry, which is commoditized to packages and processes.

scaling these into high-volume production brings its own set of challenges very different than most other parts of the semiconductor industry which use commoditized packages and processes


an economic objective of what we are trying to achieve, and my comment in the statement was the pipeline was looking good, it was really coming from the fact that the traction that we have has been very good and at least to this point,

an economic objective of what we are trying to achieve and my comment in the statement was the pipeline was looking good was really coming from the fact that the traction that we have has been very good and at least to this point


In large, large whales, we will do some customized development, but we need to make sure that -- as we continue to go to market with strategic partners, that we do it with a lot of clarity around the product itself.

in large large whales we will do some customized development but we need to make sure that as we continue to go to market with strategic partners that we do it with a lot of clarity around the product itself


As for operating expenses, marketing and distribution expenses, research and development expenses and general and administration expenses, et cetera, have all increased.

as for operating expenses marketing and distribution expenses research and development expenses and general and administration expenses et cetera have all increased


For further information on these risks and uncertainties, please see Capstone's relevant filings on SEDAR. Finally, I'll just note that all amounts we will discuss today will be in U.S. dollars, unless otherwise specified.

for further information on these risks and uncertainties please see capstone's relevant filings on sedar finally i'll just note that all amounts we will discuss today will be in u s dollars unless otherwise specified


and we think about how we're building this huge wall of data, it's going to be real hard for followers to match us with the data that we're going to have over time. And we're going to have to find ways to work with payers so that they can

and we think about how we're building this huge wall of data it's going to be real hard for followers to match us with the data that we're going to have over time and we're going to have to find ways to work with payers so that they can


from the LIFO method to the weighted average cost method in order to be consistent with legacy ETP's treatment of inventories. These changes have been retrospectively applied to all periods presented,

from the lifo method to the weighted average cost method in order to be consistent with legacy etp's treatment of inventories these changes have been retrospectively applied to all periods presented


you immediately see, well, if you don't have the leading products, you're really at a negative as you go forward. That probably led to the execution being poor as well, because you just couldn't -- you didn't have anything to bring. So

you immediately see well if you don't have the leading products you really had a negative as you go forward that probably led to the execution being poor as well because you just couldn't -- you didn't have anything to bring so


That process and the consequential accounting adjustments are very deliberate and focused on simplifying AHG's operations so that we are ready and able to capitalize on opportunities.

that process and the consequential accounting adjustments are very deliberate and focused on simplifying ahg's operations so that we are ready and able to capitalize on opportunities


Consistent with our purpose to inspire healthy habits, it's our intention to bring science and scale not only to weight management but also, increasingly, to fitness and positive mindset.

consistent with our purpose to inspire healthy habits it's our intention to bring science and scale not only to weight management but also increasingly to fitness and positive mindset


We're continuing to invest in processing equipment for the businesses that sell into non-residential construction to ensure we're providing the highest possible level of service to our customers and we're

we are continuing to invest in processing equipment for the businesses that sell into nonresidential construction to ensure we are providing the highest possible level of service to our customers and we are


very strong momentum across our international business and we returned to growth in our Uniform business. And so I think as you look at that,

very strong momentum across our international business and we return to growth in our uniform business and so i think as you look at that


I think as we think about margin broadly, again, as you know, we've made great progress over the last several years. We continue to have a high degree of confidence and conviction around the whole margin topic.

i think as we think about margin broadly again as you know we've made great progress over the last several years we continue to have a high degree of confidence and conviction around the whole margin topic


Our incredibly strong business model and execution continue to deliver consistent growth through the cycles, strong profitability and great free cash flow, which position us to grow and return cash to shareholders in a meaningful way.

our incredibly strong business model and execution continue to deliver consistent growth through the cycles strong profitability and great free cash flow which position us to grow and return cash to shareholders in a meaningful way


Net earned premium and fees for multi-family housing were up more than 20%. We achieved this increase through our affinity channel and expanded relationships with property management companies.

net earned premium and fees for multifamily housing were up more than 20% we achieved this increase through our affinity channel and expanded relationships with property management companies


The vehicle protection also got very good growth there. How much would you say is industry growth that's helping you there -- or do you feel like you're taking share?

the vehicle protection also got very good growth there how much would you say is industry growth that's helping you there or do you feel like you're taking share


So, Guy, if I understand it correctly, in most cases you usually just buy part of a company and sort of wait to see how things play out before you buy the rest. And if I

okay so guy if i understand it correctly in most cases you usually just buy part of a company and sort of wait to see how things play out before you buy the rest


net of minority interest. We released a PowerPoint presentation and other details about this transaction and a public announcement in November, which can be found on our website.

net of minority interest we released a powerpoint presentation and other details about this transaction in a public announcement in november which can be found on our website


So you bring up a very good point. We're looking very hard at that placebo group because what we are assuming right now is that there is a benefit of the drug, which means we have to understand why placebo patients

so you bring up a very good point we're looking very hard at that placebo group because what we are assuming right now is that there is a benefit of the drug which means we have to understand why placebo patients


And this will cause fluctuation in shipment numbers. However, what really matters to us is the actual sales at retail. If you look at the sell-through number, then

and this will cause fluctuation in shipment numbers however what really matters to us is the actual sales at retail if you look at the sell-through number then


new products in recent years have been doing well. I'm not nervous or worried about them. I think, what's more important is that we should control our sell-in to distributors.

new products in recent years have been doing well i'm not nervous or worried about them i think what's more important is that we should control our selling to distributors


It inevitably, of course, makes sure that we remain to be an accessible, affordable mail company today and in the future. It gives us the opportunity to create

it inevitably of course makes sure that we remain to be an accessible affordable meal company today and in the future it gives us the opportunity to create


We continue to prioritize the management of our overall installed base this year, and as such, a significant portion of our efforts are focused on optimizing the yield in our current installed base.

we continue to prioritize the management of our overall installed base this year and as such a significant portion of our efforts are focused on optimizing the yield in our current installed base


maybe they have their own operations but they do not have such large traffic. And we see some other marketplace companies that are trying to capture midsize companies.

maybe they have their own operations but they do not have such large traffic and we see some other marketplace companies that are trying to capture midsized companies


Indeed, in the second half when Travel has its peak period, Travel will make more profit than High Street does in the full year. And that's another milestone for our Travel business.

indeed in the second half when travel has its peak period travel will make more profit than high street does in the full year and that's another milestone for our travel business


However, across both businesses and all cost lines, we remain focused on cost efficiency and cost management. In High Street, we continue to identify cost savings as part of our cost efficiency program.

however across both businesses and all cost lines we remain focused on cost efficiency and cost management in high street we continue to identify cost savings as part of our cost efficiency program


The company has provided in the appendix of the presentation materials, which are available on our website, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

the company has provided in the appendix of the presentation materials which are available on our website reconciliations of these non-gaap financial measures to the most directly comparable gaap financial measures


The second is in the consumables business the Melt Delivery is a requite every time we have a new product, and that turns pretty much within the quarter.

the second is in the consumables business the melt delivery is a requote every time we have a new product and that turns pretty much within the quarter


And so from this perspective I am actually pretty confident that we will reach with FINMA an agreement on the new models.

so from this perspective i am actually pretty confident that we will reach with finma an agreement on the new models


spot market rates on freight and the inventory levels. We're going to -- basically, it turns into a number of companies that are too busy to go into bigger implementations at the moment. And so that's played out a little different

spot market rates on freight and inventory levels where it basically turns into a number of companies that are too busy to go into bigger implementations at the moment and so that's played out a little different


Shifting gears, let's discuss our balance sheet and operating cash. Our project working capital grew slightly in the fourth quarter principally because of an increase in unbilled cost and the decrease in billings in excess of costs.

shifting gears let's discuss our balance sheet and operating cash our project working capital grew slightly in the fourth quarter principally because of an increase in unbilled costs and the decrease in billings in excess of costs


A large number of infill well locations have been identified, and progressing the drilling activity will help to stabilize production after a couple of years of relatively low activity at the field.

a large number of infill well locations have been identified and progressing the drilling activity will help to stabilize production after a couple of years of relatively low activity in the field


business models, we have seen more of a shift within those bookings to more and more recurring revenue. And I think we'll continue to see that trend as we move forward. From an overall landscape issue,

business models we have seen more of a shift within those bookings to more and more recurring revenue and i think we'll continue to see that trend as we move forward from an overall landscape issue


that's, for what we are today and the types of income we're generating, it just does not fit as well. And it takes a very particular expertise, a little bit more handholding than we typically would like to do

that's -- for what we are today and the types of income we're generating it just does not fit as well and it takes a very particular expertise a little bit more handholding than we typically would like to do


However, the Indonesian powdered juice business has seen numerous changes in its operating environment, and its results continue to fall below the originally envisioned plan.

however the indonesian powder juice business has seen numerous changes in its operating environment and its results continue to fall below the originally envisioned plan


mean, we have a lot of capital, and we have options with that capital. And we have a very strong dividend rate. And the question gets debated all the time

i mean we have a lot of capital and we have options with that capital and we have a very strong dividend rate and the question gets debated all the time


As such, while we will look to grow our legacy Equipment Leasing business as much as possible, we will also look to grow our Funding Stream, Transportation-Franchise and office equipment channels substantially over the next several years.

as such while we will look to grow our legacy equipment leasing business as much as possible we will also look to grow our funding stream transportation franchise and office equipment channels substantially over the next several years


We completed and delivered the first set of new microdisplays for which an initial qualification has been completed, and we are on track for delivery of a subsequent set in the second quarter.

we completed and delivered the first set of new micro displays for which an initial qualification has been completed and we are on track for delivery of a subsequent set in the second quarter


one of the benefits I think that we have when it comes to technology is we're not dedicated in any one specific part of the country or part of the world. We have technology resources in Pittsburgh, in New York,

one of the benefits i think that we have when it comes to technology is we're not dedicated in any one specific part of the country or part of the world we have technology resources in pittsburgh in new york


And for clarity's sake, we feel very good that we are managing promotional activity, managing inventory and managing market share at the same time.

and for clarity's sake we feel very good that we are managing promotional activity managing inventory and managing market share at the same time


We built new call centers and new capabilities. We expanded existing centers and existing capabilities, all ahead of the opportunity we have seen and continue to see especially in U.S.

we built new call centers and new capabilities we expanded existing centers and existing capabilities all ahead of the opportunity we have seen and continue to see especially in the u s


We want our customers to feel welcome and engaged every time they walk into a Vince store or visit vince.com, and believe we can do this by bringing more warmth and a relaxed feel that reflects the modern, effortless style we stand for.

we want our customers to feel welcome and engaged every time they walk into a vince store or visit vince com and believe we can do this by bringing more warmth and a relaxed feel that reflects the modern effortless style we stand for


that 3 large U.S. institutions have put themselves together to make sure that they work on exactly that topic. That has shown to me that we are on the right journey.

that 3 large u s institutions have put themselves together to make sure that they work on exactly that topic that has shown to me that we are on the right journey


And would you consider a material acquisition? And then thirdly, on management changes, are you happy with the appointments that you've made so far? Or do you feel that additional changes are required

and would you consider a material acquisition and then thirdly on management changes are you happy with the appointments that you've made so far or do you feel that additional changes are required


If you're expecting organic up about 1 in the fourth quarter and we were kind of down 2 this quarter, could you maybe tell us the segments where you see that delta coming from?

if you're expecting organic up about 1 in the fourth quarter and we were kind of down 2 this quarter could you maybe tell us the segments where you see that delta coming from


At the same time, we're going to still look for those opportunities in the old traditional business where they present themselves, the opportunity to take some costs out and we'll scrape those nickels and dimes together. So

at the same time we're going to still look for those opportunities in the old traditional business where they present themselves the opportunity to take some costs out and we'll scrape those nickels and dimes together


During this call, we will be commenting on our results for the third quarter of fiscal 2017. By now, you should have a copy of today's press release. If you need a copy and are unable to access the copy on our website,

during this call we will be commenting on our results for the third quarter of fiscal 2017 by now you should have a copy of today's press release if you need a copy and are unable to access the copy on our website


Although we do not discuss individual customers, we are very determined to grow our distribution of our key brands in the back half of the year based on these innovations, and we are very confident we will do exactly that.

although we do not discuss individual customers we are very determined to grow our distribution of our key brands in the back half of the year based on these innovations and we are very confident we will do exactly that


In the December quarter, we expect Automotive to be up sequentially, with increases in battery management systems for electric vehicles and continued growth in infotainment content.

in the december quarter we expect automotive to be up sequentially with increases in battery management systems for electric vehicles and continued growth in infotainment content


Well, that's a good point, Chris. And at some point we should start lapping the issue. And it was first identified kind of at the end of the first quarter of last year. So the second quarter

well it's a good point chris at some point we should start lapping the issue and it was first identified kind of at the end of the first quarter of last year so the second quarter


For big companies listed in Hong Kong, they mainly use this kind of indicator. So we hope that there is another dimension for you to have full understanding of leveraging level of Fosun International.

for big companies listed in hong kong they mainly use this kind of indicator so we hope that there is another dimension for you to have full understanding of leveraging level of fosun international


You might recall that prior approvals took a good deal longer. Candida, nonetheless, was the third approval of an assay for our platforms to have been received in the past year or so.

you might recall that prior approvals took a good deal longer candidate nonetheless was the third approval of an assay for our platforms to have been received in the past year or so


alternatives out there? I know you've -- in terms of either how you're deploying capital, how you're looking at options, I mean is the board looking at anything else in terms of enhancing shareholder value?

alternatives out there i know in terms of either how you're deploying capital how you're looking at options i mean is the board looking at anything else in terms of enhancing shareholder value


Moving on to the last slide. Our focus remains consistent, as we are beginning to see results of what we believe has been a successful execution of our strategic critical issues.

moving on to the last slide our focus remains consistent as we are beginning to see results of what we believe has been a successful execution of our strategic critical issues


over those offerings which were starting to become commoditized. We begin to see the benefit, and for the rest of the year, based upon customer forecasts, we target sequential quarterly revenue growth,

over those offerings which were starting to become commoditized we begin to see the benefit and for the rest of the year based upon customer forecasts we target sequential quarterly revenue growth


comes the expectation that they will be connected everywhere any time, from dorm room to classroom, from dining hall to the quad. This is where CDW's Connected Campus solution comes in.

comes the expectation that they will be connected everywhere anytime from dorm room to classroom from dining hall to the quad this is where cdw's connected campus solution comes in


for Fosterville beginning in 2018. Looking at other expenses. The growth in the size of our business portfolio was a primary factor in leading to an increase in corporate general and administrative expenses

for fosterville beginning in 2018 looking at other expenses the growth in the size of our business portfolio was the primary factor leading to an increase in corporate general and administrative expenses


stress test and the co-lending. We haven't seen what that -- the final rules will be there. But we expect that, that might shrink some of the origination that we would historically have done. But we also think

the stress test in the coal lending we haven't seen what that -- the final rules will be there but we expect that that might shrink some of the origination that we would historically have done but we also think


Before I move on to complete the outlook for net interest margin, I'll stay with CWB Optimum Mortgage for a moment to tie up the issues we saw a few months ago within the alternative lending space of the Canadian housing market.

before i move on to complete the outlook for net interest margin i'll stay with cwb optimum mortgage for a moment to tie up the issues we saw a few months ago within the alternative lending space of the canadian housing market


Once again, these results underscore the demand for an opioid-sparing solution like EXPAREL and our team's success in decreasing the number of patients who are exposed to the risk of the operating room as a gateway to opioid misuse and abuse.

once again these results underscore the demand for an opioid sparing solution like exparel and our team's success in decreasing the number of patients who are exposed to the risk of the operating room as a gateway to opioid misuse and abuse


We continue to see pressure on margins caused by the increased cost of funding from BASEL III requirements, as well as increased levels of competition in the marketplace in the hunt for scarce quality assets.

we continue to see pressure on margins caused by the increased cost of funding from basel iii requirements as well as increased levels of competition in the marketplace in the hunt for scarce quality assets


The number of jobs in the state has increased over the last 6 years, and at the same time, unemployment has declined to below 3%. This has driven steady growth in personal income and retail spending,

the number of jobs in the state has increased over the last 6 years and at the same time unemployment has declined to below 3% this has driven steady growth in personal income and retail spending


We have added a new line to our income statement this quarter called other nonoperating income and expense. This is where we are reporting the interest income from our cash and short-term investments.

we have added a new line to our income statement this quarter called other nonoperating income and expense this is where we are reporting the interest income from our cash and short-term investments


The limited supply of talent is even more acute among security clearance candidates. ClearanceJobs' unique position as a matchmaker of companies to candidates with active security clearances is resulting in continued revenue growth

the limited supply of talent is even more acute among security clearance candidates clearance jobs' unique position as a matchmaker of companies to candidates with active security clearances is resulting in continued revenue growth


Our financial flexibility is further enhanced by the timing in which the partnership may exercise its book value call option to increase its economic interest in the Eastern Access series of expansion projects

our financial flexibility is further enhanced by the timing in which the partnership may exercise its book value call option to increase its economic interest in the eastern access series of expansion projects


provincial governments and the national government stepped in and set different standards than we had originally built to.


Most of those products are produced in China. They're produced and packaged in China, and with our platform there, there's just no reason why we shouldn't be a player in that segment of the market.

most of those products are produced in china they're produced and packaged in china and with our platform there there's just no reason why we shouldn't be a player in that segment of the market


You are cautioned not to place undue reliance on forward-looking statements made this morning, and each such statement speaks only as of today. We undertake no obligation to update or to revise forward-looking statements.

you are cautioned not to place undue reliance on forward-looking statements made this morning and each such statement speaks only as of today we undertake no obligation to update or to revise forward-looking statements


while also improving supply availability for patients in the future. So I don't have a good short-term answer for you, which is why we are predicting some supply disruptions throughout this year.

while also improving supply availability for patients in the future so i don't have a good short-term answer for you which is why we are predicting some supply disruptions throughout this year


all those areas, and it creates a more profitable business. And so we focused on regional locations that were primarily energy related that were not making money and we simply shut them down.

all those areas and it creates more profitable business and so we focused on regional locations that were primarily energy related that were not making money and we simply shut them down


our business is driven by the number of patients that we serve, and we don't take anything for granted with respect to volumes and being able to execute on that. So

our business is driven by the number of patients that we serve and we don't take anything for granted with respect to volumes and being able to execute on that so


That allows us to capture more and more of the merchant's wallet, and it also allows us to build up more additional services to be able to provide to merchants.

that allows us to capture more and more of the merchant's wallet and it also allows us to build up more additional services to be able to provide to merchants


And so we're quite known to be so, which means there's lots of inbound activity. We do a lot of outbound work related to strategic planning by vertical market, including potentially new

and so we're quite known to be so which means there's lots of inbound activity we do a lot of outbound work related to strategic planning by vertical market including potentially new


both in consumer health care and injectables, which carry a bit of a lower-margin profile. So I think we will be coming down from being over our estimates to being more in the high end of our long-term targets.

both in consumer health care and injectables which carry a bit of a lower margin profile so i think we will be coming down from being over our estimates to being more in the high end of our long-term targets


As we look to 2016, we are seeing a macro ag environment that feels similar to what we saw in 2015. FX will continue to be a headwind in the first half of the year

as we look to 2016 we are seeing a macro ag environment that feels similar to what we saw in 2015 fx will continue to be a headwind in the first half of the year


During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future.

during the call we will make forward-looking statements within the meaning of the federal securities laws including statements regarding events or developments that we expect or anticipate will or may occur in the future


those opportunities aren't quite as attractive as maybe they were a couple of years ago earlier in the cycle? Or is it more of a function of you've got more cash than you know what to do with and you can serve both buckets?

those opportunities aren't quite as attractive as maybe they were a couple of years ago earlier in the cycle or is it more of a function of you've got more cash than you know what to do with and you can serve both buckets


Great Britain's performance reflected the difficult trading conditions, these primarily being the severe winter weather in the first quarter and the increased input costs, but also, an element of Brexit uncertainty.

great britain's performance reflected the difficult trading conditions these primarily being the severe winter weather in the first quarter and the increased import costs but also an element of brexit uncertainty


Second question on contract logistics actually. If I back solve the revenue per square meter you added over the past year basically on the numbers you disclosed, it looks like

second question on contract logistics actually if i back solve the revenue per square meter you added over the past year basically on the numbers you just closed it looks like


allowing us to profit on both volumes and margins. The continued success at Constellation in the third quarter reinforces the value of our gen to load matching strategy.

allowing us to profit on both volumes and margins the continued success at constellation in the third quarter reinforces the value of our gen-to-load matching strategy


we had a -- we have a very good visibility as to where we were going in terms of the capital we were generating, how we felt we should be investing that capital in

we had a very good visibility as to where we were going in terms of the capital we were generating how we felt we should be investing that capital in


As well, certain financial measures discussed today are not recognized measures under Generally Accepted Accounting Principles, or IFRS, and more importantly, more information regarding these measures can be found in our public documents.

as well certain financial measures discussed today are not recognized measures under generally accepted accounting principles or ifrs and more importantly more information regarding these measures can be found in our public documents


This represents the next phases of already contracted backlog, and in many cases these phases are in active predevelopment. These also include social housing projects that are awaiting final government approvals

this represents the next phases of already contracted backlog and in many cases these phases are in active pre-development these also include social housing projects that are awaiting final government approvals


And that's why we try to develop our transaction business in line with our 4 publishing verticals of news and services, tech and games, entertainment as well as women and lifestyle.

and that's why we try to develop our transaction business in line with our 4 publishing verticals of news and services tech and games entertainment as well as women and lifestyle


They sell it as a signage business for 3 years. So what you actually do with the sales force, you go there, have once the sales effort but then you have almost like a 3-year subscription

they sell it as a signage business for 3 years so what you actually do with the sales force you go there have once the sales effort but then you have almost like a 3-year subscription


But one statistic, I think, that you all would enjoy that I did jot down for this quarter as an example is for the first time in a while, the majority of our markets are showing

but one statistic i think that you all would enjoy that i did jot down for this quarter as an example is for the first time in a while the majority of our markets are showing


This concluded a long and complex process that involves separating Gas Distribution from the rest of our U.K. business, agreeing with pension trustees to split the scheme into 3 sections and then a major financing program.

this included a long and complex process that involved separating gas distribution from the rest of our u k business agreeing with pension trustees to split the scheme into 3 sections and undertaking a major financing program


I have no doubt the journey we embarked on some 18 months ago would have faltered had it not been for the tireless dedication of our people pushing the business to do better, notwithstanding constrained balance sheet and difficult market conditions.

i have no doubt that the journey we embarked on some 18 months ago would have faltered had it not been for the tireless dedication of our people pushing the business to do better notwithstanding constraints balance sheet and difficult market conditions


But the other parts of our business, we're really very focused on just improving process and improving productivity to allow us to fund some of the investments that we know

but the other parts of our business we're really very focused on just improving process and improving productivity to allow us to fund some of the investments that we know


So your question is very relevant. We will address it in detail on June 7. But we have a clear path to how we're going to evolve the products and how we're going to connect that

so your question is very relevant we will address it in detail on june 7 but we have a clear path to how we are going to evolve the products and how we're going to connect that


In recent months, while I've been working hard to drive the business here and now, I've also worked closely with our teams to complete a comprehensive review of the business and develop a strategic plan.

in recent months while i've been working hard to drive the business here and now i've also worked closely with our teams to complete the comprehensive review of the business and develop the strategic plan


positive development in the last several years. And so this is not the first year in '18 where we've had a benefit from what we would call release of reserves, if you will. Now some of that is related to

positive development in the last several years and so this is not the first year in '18 where we've had a benefit from what we would call release of reserves if you will now some of that is related to


Our first quarter results are typically affected by seasonal trends related to inventory fluctuation and commercial insurance plan resets. In particular this year, we saw a significant impact in ARISTADA inventory during Q1. I'll

our first quarter results are typically affected by seasonal trends related to inventory fluctuation and commercial insurance plan resets in particular this year we saw a significant impact in aristata inventory during q1


To further leverage this momentum, we're simultaneously under way with several CapEx projects that will generate excellent returns and stimulate additional growth in the years to come.

to further leverage this momentum we're simultaneously underway with several capex projects that will generate excellent returns and stimulate additional growth in the years to come


As we invest more into our commercial team, they're leveraging resources to work closer with both new and existing customers, and we're gaining market share because of it.

as we invest more into our commercial team they're leveraging resources to work closer with both new and existing customers and we're gaining market share because of it


But as you know, we've always been very selective on our acquisition strategies. They have to be accretive, and we just haven't seen anything thus far

but as you know we've always been very selective on our acquisition strategy they have to be accretive and we just haven't seen anything thus far


So with an eye toward delivering increased shareholder value, we will continue to make prudent investments in people, programs and facilities and strive to deliver exceptional results over the long term.

so with an eye toward delivering increased shareholder value we will continue to make prudent investments in people programs and facilities and strive to deliver exceptional results over the long term


Finally, last year's severe hurricane impacts should make for easier comparison this year. The majority of the impact was in the third quarter, with some carryover in the fourth quarter as well.

finally last year's severe hurricane impacts should make for an easier comparison this year the majority of the impact was in the third quarter with some carryover in the fourth quarter as well


perspective to create value for us will always be long term. It will always be how this company will thrive in the future.

perspective to create value for us will always be long term it will always be how this company will thrive in the future


Moving to Slide 5, we are expanding our offerings in the ways in which we go to market to serve our customers as the new Syniverse, and that includes partnerships.

moving to slide 5 we are expanding our offerings in the ways in which we go to market to serve our customers as the new syniverse and that includes partnerships


The uncertainty is going to be around just how strong the market. Yes. I think we're confident to say that we're going to outgrow the market a little bit. And so if that market -- if we determine that market's going to be there, then I would expect us to outpace that.

the uncertainty is going to be around just how strong the market is yes i think we're confident to say that we're going to outgrow the market a little bit and so if that market -- if we determine that that market is going to be there then i would expect us to outpace that


Probably a little bit slower for what we own. Got it. And then the regulatory reform that you mentioned in your opening comments that you expect to see from this administration,

probably a little bit slower for what we own got it and then the regulatory reform that you mentioned in your opening comments that you expect to see from this administration


the excess or we're getting through the excess inventory issues we've seen over the last couple of years. And you see it in our inventory, which we've cleaned up. You see it in the Ritchie auctions,

the excess -- or we're getting through the excess inventory issues we've seen over the last couple of years and you see it in our inventory which we've cleaned up you see it in the ritchie auctions


that are designed to demonstrate not only a strong safety profile, but also demonstrate that this next-generation neuromodulator delivers high response rates, long duration of effect and satisfaction.

that are designed to demonstrate not only a strong safety profile but also demonstrate that this next generation neuromodulator delivers high response rates long duration of effect and satisfaction


and being disciplined in our unit growth is the right strategy to allow our initiatives to gain traction and build the foundation for the next stage of growth.


Demand in the Americas segment remained soft in this area on sluggish project spending, but we continue to see strong trends in parts of the world where the cost of oil extraction is lower, like the Middle East.

demand in the americas segment remains soft in this area on sluggish project spending but we continue to see strong trends in parts of the world where the cost of oil extraction is lower like the middle east


every number you see going forward is based on the assumption that we get an approval in Q4 2019, but also here with the caveat that it can take longer. And then of course,

every number you see going forward is based on the assumption that we get an approval in q4 2019 but also here with the caveat that it can take longer and then of course


We also expect our ability to expand our services in new markets and introduce our complete integrated product offering, will create opportunities for additional growth.

we also expect our ability to expand our services in new markets and introduce our complete integrated product offering will create opportunities for additional growth


we continue to be excited by the progress of our Stromag acquisition, where we already experienced strong cross-selling activity in the second quarter. We continue to seek further acquisitions but remain highly disciplined in that pursuit.

we continue to be excited by the progress of our stromag acquisition where we already experienced strong cross-selling activity in the second quarter we continue to seek further acquisitions but remain highly disciplined in that pursuit


as our New York Now team has been working to maximize the salable space, that actual available capacity will be modestly lower than we had originally planned due to the construction activity at the Javits Convention Center.

as our new york now team has been working to maximize the saleable space that actual available capacity will be modestly lower than we had originally planned due to the construction activity at the javits convention center